Some syndicators are fee based and some are cash flow profit split based.  

You can also cherry pick real estate deals where someone made millions,tens of millions or more in profit on a deal.People can talk in broad strokes on a macro view but then there will always be unique examples at the micro level.I have lots of clients that have made gains in stocks and now they want to get out as they cannot stomach the market.

The 100+ Units I own will be diversified some profiting a lot more than others., but you are absolutely right I will need to almost multiply that number of units by 10x if I expect to receive the type of Cash Flow I need to deemed successful in my books. 

In the end you get paid retail price for the land plus 20% of the profit on the building(s). 

Sell each house, in turn, paying back your loan and keeping the profit for yourself.

I would essentially be renting it at cost, with an extremely small to non existent profit margin especially since whatever money I would make after mortgage and HOA was paid, would have to be rolled into an emergency fund for the condo in case and when something will inevitably need to be fixed.

I'm thinking I will owe cap gains tax on 2/5 of 200k profit.

I plan on putting profits into marketing in the future, but I kind of wanted to see if I could do a deal without spending money first!

Because the pricing model is very similar to apartments though a bit more profitable, and you do not have the hassle of toilets, tenants, or trash!

The 1065 didn't do much for them except satisfy a check in the box for the filing requirement because they formed (and operated) a multi-member LLC, which is (by default) a partnership under federal tax law.You can share profits and expenses on rental properties without forming a partnership.